Category: 3-EconSometimeCommentary

Last year, Tyson Foods shuttered a meat processing plant in Perry, Iowa. The company said it made the decision because the plant was old and inefficient. But the closure was devastating for the residents of Perry. The plant had employed some 1200 workers in a town with a population of only 8000.

At the same time, Tyson was also busy hiring workers elsewhere. It was working with a non-profit group that helps connect companies with asylum seekers and refugees looking for work. Tyson ultimately hired hundreds of new workers through this partnership.

Was this just a coincidence? Or were these two stories actually one story - a story about one of the country's biggest meat processors forcing out American workers and replacing them with migrants? On today's show we take a look at the controversy surrounding Tyson's hiring moves and how things look from the perspective of the workers themselves.

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American golfers lose 300 million balls a year — and all those bad swings are someone else’s business opportunity. Zachary Crockett hits the links.

 

• SOURCES:
  • Todd Hutchinson, president and owner of BallHawker.
  • Lashan Wanigatunga, founder of Two Guys With Balls.

 

• RESOURCES:
  • "BallHawker, Challenge Enterprises Turn Wayward Golf Shots Into Successful Endeavor," Natalie Gilstrap (Clay Today, 2023).
  • "Temecula Golf Ball Diver Nets $100,000 a Year," by Jeff Zevely (CBS8, 2022).
  • "Golf’s Recycled Ball Market is Big Business," by Erik Matuszewski (Link, 2021).
  • "The Inside Story of What the Original Titleist Pro V1 Launch Was Really Like," Andrew Tursky (Golf Digest, 2020).
  • "Head of Golf Ball Retrieval Company Sentenced for Manslaughter After Diving Death at Wales Golf Course," by Alex Myers (Golf Digest, 2017).
  • "Man Dies While Illegally Diving for Golf Balls," by Alex Myers (Golf Digest, 2015).

 

• EXTRAS:
  • "Greg Norman Takes On the P.G.A. Tour," by People I (Mostly) Admire (2023).

 

There's this cautionary tale, in the finance world, that nearly any trader can tell you. It's about placing too much confidence in math and models. It's the story of Long Term Capital Management.

The story begins back in the 90s. A group of math nerds figured out how to use a mathematical model to identify opportunities in the market, tiny price discrepancies, that they could bet big on. Those bets turned into big profits, for them and their clients. They were the toast of Wall Street; it looked like they'd solved the puzzle of risk-taking. But their overconfidence in their strategy led to one of the biggest financial implosions in U.S. history, and destabilized the entire market.

On today's show, what happens when perfect math meets the mess of human nature? And what did we learn (and what did we not learn) from the legendary tale of Long Term Capital Management?

This episode of Planet Money was hosted by Mary Childs and Jeff Guo. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.

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So the president can't spend more money than Congress has agreed and voted to spend. But can the president spend less money than Congress wants?

It all comes down to something called "impoundment" and the Impoundment Control Act of 1974, which controls when and how a president can take away money Congress has appropriated.

President Trump followed the Impoundment Control Act rules back in 2018. But now, in his second term, he's saying he thinks that law is unconstitutional.

On this episode: the history of impoundment, from Thomas Jefferson to Richard Nixon and Bill Clinton. And what constitutional scholars and judges are saying after Trump attempted to dismantle a federal agency and freeze trillions in federal funding that goes to states for everything from new school buses to public health research.

We've got more about impoundment in the latest Planet Money newsletter.

Check out The Indicator's episodes on the gutting of USAID and how American farmers are affected in USAID cuts. And, our previous episode on the big government money pipe that's being closely watched right now.

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On this episode, Jordan Lofthouse chats with Zane Austin Willard about interdisciplinary scholarship and using political economy to study LGBTQ plus issues. Zane explains his academic background in economics and communication studies and discusses power dynamics, queer culture and Rupaul’s Drag Race, the paradox of visibility, and the strengths and weaknesses of polycentric governance explored through the #MeToo movement.

Zane Austin Willard is a doctoral student in the Department of Communication at the University of South Florida and Visiting Assistant Professor of Communication and Media Studies at The University of Tampa. Zane’s research and teaching interests are in critical cultural and media studies, surveillance studies, and queer theory and gender and sexuality studies. Zane is an alum of the Mercatus Don Lavoie Fellowship, Frédéric Bastiat Fellowship, and Elinor Ostrom Fellowship.

If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.

Virtual Sentiments, a podcast series from the Hayek Program, is streaming. Subscribe today and listen to season three, releasing now!

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CC Music: Twisterium

Before a guide dog can help a blind person navigate the world, it has to pass a series of tests, then go through $75,000 worth of training. Zachary Crockett sniffs around.

 

• SOURCES:
  • Peggy Gibbon, director of canine development at The Seeing Eye.
  • Charles Pat McKenna, assistant division director of the New Jersey Commission for the Blind and Visually Impaired.

 

• RESOURCES:
  • "Why Seeing Eye Dogs Are So Expensive To Breed and Train," by Abby Tang and Emily Christian (Business Insider, 2024).
  • "For decades, the blind have used canes to get around. Now a special wristband gives them a ‘sixth sense.'" by Peter Holley (Washington Post, 2017).
  • The Seeing Eye.
  • "History of Guide Dogs," by The International Guide Dog Federation.
  • "Facts and Figures" by The International Guide Dog Federation.

 

• EXTRAS:
  • "Morris Frank," by The International Guide Dog Foundation (Vimeo, 2021).

 

There has been chaotic uncertainty around billions of dollars allocated by Congress. The Trump administration ordered a pause on — and review of — certain types of federal assistance. A judge blocked that freeze. But reports continue to emerge that certain parts of the government were not getting their money.

As a result, hundreds and hundreds of people have lost their jobs, clinics and daycares across the country have been left wondering if they'll have money to operate, retirees have worried about getting their payments.

But the United States is a country of transparency. And if you know where to look, there is a way to cut through all the confusion. Because there's this one big pipe from the US Treasury through which most federal spending flows.

So, today, we discover a way to go look at that money pipe. And we'll look at some of the people and the programs on the other end of that pipe. And we tell you about a tool (it's at The Hamilton Project! Right here.) that you can use to follow along from home, right now, as this gigantic federal spending story continues developing and developing.

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The trip that changed Tigran Gambaryan's life forever was supposed to be short — just a few days. When he flew to Nigeria in February of 2024, he didn't even check a bag. Tigran is a former IRS Special Agent. He made his name investigating high-profile dark web and cryptocurrency cases. Some colleagues called him the 'Crypto Wizard' because of his pioneering work tracing crypto transactions for law enforcement. Since 2021, he's worked at the world's largest crypto exchange, Binance.

Tigran was in Nigeria as a sort of envoy. He was supposed to meet with government officials and show them that Binance – and crypto itself – was safe, reliable, and law-abiding.

One of the most important meetings was at the headquarters of the Office of the National Security Advisor. He says officials there made him wait hours. And when officials finally came into the room, they accused Binance of a host of crimes and of tanking the Nigerian economy. They then told Tigran that they weren't going to let him leave Nigeria until they were satisfied that Binance was going to remedy the situation.

On today's show, in a collaboration with Click Here from Recorded Future News, we hear about Tigran's eight month detention in Nigeria. In his first recorded interview after his release, he shares details about his captivity, how he survived one of Nigeria's most infamous prisons, and how he got out.

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Behind that 70% off sign, there’s a liquidation consultant trying to maximize retailer profits. Zachary Crockett seeks a deal.

 

• SOURCES:
  • Bradley Snyder, executive managing director at Tiger Group.
  • Zac Rogers, associate professor of supply chain management at Colorado State University

 

• RESOURCES:
  • "What Went Wrong: The Demise of Toys R Us," by Angie Basiouny (Knowledge at Wharton, 2018)
  • "Retail apocalypse 2024: All the once-popular stores and restaurants that shuttered locations this year," by Sarah Bregel (Forbes, 2024)
  • "BBB Tip: Avoid bogus bargains at going out of business sales" by Better Business Bureau (2024)
  • "There’s a science and art to running a going-out-of-business sale. (And business is booming.)" by Courtney Reagan (CNBC, 2018)

 

• EXTRAS:
  • "I don't wanna grow up: The first day of the end of our childhoods," by Mike Higdon (Reno Gazette-Journal, 2018)

 

 

The San Jose was a marvel of 17th century technology. The Spanish galleon weighed more than a thousand tons, was made of wood reinforced with iron, and featured three masts and 64 cannons. In its cargo were gold, silver, silk and porcelain. But in 1708, it sank after a battle with an English ship near what is now Colombia.

For centuries, the shipwreck was the stuff of legends, until 2015 when underwater investigators found what they believed to be the San Jose's wreckage. The treasure on board this ship could be worth billions of dollars. But who owns it? Today on the show, four groups stake their claims to the wreck of the San Jose. Those claims reveal a lot about who has a say over the bottom of the sea and how we can begin to untangle the complicated legacy of colonialism.

This episode of Planet Money was hosted by Erika Beras and Mary Childs. It was produced by Sam Yellowhorse Kesler with reporting help from Willa Rubin and edited by Keith Romer. It was fact-checked by Sierra Juarez and engineered by Neil Rauch with help from Robert Rodriguez. Alex Goldmark is Planet Money's executive producer.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

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